Buying a house in foreclosure questions
We are casually looking at moving and I found a house that is not officially for sale but is in pre-foreclosure. This house could be perfect for us. It is the right square footage, number of bedrooms etc. but the best part is that it is a great location. It is in a small lake community that I have loved for many years. This particular community rarely has homes for sale. Right now out of 500+ homes there is only one on the market. The house is right on the lake and within close walking distance the swimming beach. It is really ideal.
- What is the timeframe for the bank to take possession? The owners divorced and declared bankruptcy in 2010. The house went to sheriff sale first in late 2012 and the sale was cancelled. It went back to sheriff sale mid 2013 and was cancelled again.
- My Realtor has contacted the attorney listed but the attorney didn't even have this property on his "list" and wasn't able to give us any more information.
- It is not even clear to me if anyone is living in the home. I have seen cars there but I am just not sure.
- I sent a letter to the owners letting them know that I would be interested in looking at their house if they are ever interested in selling. They have not reached out to me yet. I did not indicate in my letter that I knew the property was in trouble.
Why would a sheriff sale be cancelled? What is the timeframe that something like this can go on? How can I find out if there are any liens on the property? (I know that a title search will provide this but I don't even want to start on this if there is a ton of money tied up in this property.) Any other advice? Does this sound too messy to even deal with? And I do feel for the family. They have obviously been through a rough few years.